Tag: ARS

California AG Sues Wells Fargo for $1.5 Billion Over ARS Sales

The state of California sued Wells Fargo yesterday alleging that the bank misled investors about the safety and liquidity of the auction-rate securities that it sold.  DealBook reports that the lawsuit seeks $1.5 billion from Wells Fargo. In a statement yesterday, Attorney General Jerry Brown (pictured) said that “Wells Fargo’s affiliates promised investors auction-rate securities were as safe and liquid…

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